The article is devoted to the study of the processes of formation and strengthening of the Soviet model of the banking system and its subsequent market transformation. It is shown that this system was initially characterized by a contradictory combination of state, private and cooperative principles (basics), with the dominant role of the former. This defined the class character of the socialization of the banking system, determined its institutional structure and the specifics of the savings business for many years. The post-Soviet transformation of the system followed an ultraliberal path with its inherent private interests primacy, which led to the disfunctionality of the banking business giving raised to a number of social problems. Their solution is associated with: the development of affordable consumer lending and expanding programs of preferential credits; the creation of an effective sector of microfinance organizations and a construction savings system; the improvement of the system for protecting the rights of consumers of financial services.